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Credit Card Loan in Coimbatore
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Credit Card Loan in Coimbatore

Coimbatore is Tamil Nadu’s second-largest city, renowned for places like Adiyogi Shiva, Velliangiri Mountains, Kovai Kutralam Water Falls, and Marudhamalai Hill Temple.

Coimbatore serves as the major hub for the manufacturing, education, and healthcare in Tamil Nadu. Widely touted as the ‘Manchester of South India’ for its thriving textile industry, Coimbatore also houses extensive small, medium and large enterprises.

Scaling costs becomes highly essential when living in a rapidly growing city like Coimbatore. People can use a credit card loan in Coimbatore to address expenses too sizeable to pay at one go or to meet unforeseen costs.

Features Of A Credit Card Loan

Banks and NBFCs offer loan against the credit card to individuals depending on their unused credit limit. This financing option proves to be extremely helpful during emergency cash requirement. However, before availing credit card loans in Coimbatore, one must know its features –

  • Collateral-free Loans – Credit card loans are unsecured meaning there is no requirement to pledge any asset while availing the loan.
  • No Documentation – Since this financing facility is mostly pre-approved, individuals need not submit any credit card loan documents while applying for it.
  • Monthly Instalments – Individuals can break their big-ticket purchases like credit card loan on the car into monthly instalments.
  • No Guarantor Required – While approving the loan on a credit card, card issuers do not demand any guarantor or post-dated cheques.
  • Credit Card Consolidation – Banks and NBFCs provide credit card consolidation loan, which enables individuals to transfer the outstanding balance of different credit cards into one.

Shortcomings Of Loan On Credit Card In Coimbatore

The benefits of an instant loan on credit card can be offset by a few specific limitations, like high interest rates. The scope to avail a substantial amount is also limited in this case. Moreover, new cardholders or ones with a credit score below 750 can find it difficult to access this financing option.

In cases like this, individuals who need instant funding but could not avail it through credit card loans can consider gold loan as an alternative option.

Gold Loan – A Smart Alternative

The following table shows the differences between a gold loan and a credit card loan.

Parameters

Gold Loan

Credit Card Loan

Interest Rates

Moderate, as it is secured

High, because it unsecured

Loan Amount

Depends on the purity and amount of gold pledged and applicable LTV

Depends on the unutilised credit limit.

Eligibility Criteria

CIBIL score and repayment history are not vital in this case.

Should possess a score of 750 or above and repayment history with zero defaults.

If you landed on this page while looking up ‘credit card loan provider near me’, you may want to rethink your search. A gold loan’s benefits in terms of the loan amount, rates of interest, and eligibility can make for an excellent financing solution, even during emergencies.

With Rupeek, you can enjoy disbursal in 30 minutes, which is much quicker than a credit card loan in Coimbatore. It takes credit card issuers up to 24 hours to sanction such a loan.

Rupeek – Your Reliable Financial Partner

Rupeek offers 100% transparent gold loan process and hassle-free repayment schemes.

Below discussed are the features and benefits of availing a gold loan with Rupeek.

  • Doorstep Services In 30 Minutes

Contrary to instant loan on a credit card, where individuals need to make a phone call to the card issuers and follow a number of steps, Rupeek offers doorstep instant gold loan services. Once a borrower applies for a gold loan with Rupeek, the gold loan executive reaches to the borrowers’ provided location in just 30 minutes.

  • Gold Loan In Less Than An Hour

Though credit card loans guarantee instant funding, individuals still need to wait for 24 hours to get the loan disbursed. But with Rupeek, individuals can actually enjoy fastest gold loan services as we offer gold loan in less than an hour. KYC verification, gold valuation, and disbursal of loan take only 30 minutes.

  • Highest LTV And Loan Up To Rs. 1.5 Crores

Loan to Value ratio or LTV refers to the loan amount an individual would get against the amount of gold they pledge. We offer the highest LTV up to 80%, allowing individuals to secure a loan as high as Rs. 1.5 crores in Coimbatore. To make the gold loan process easy and hassle-free, we offer gold loan calculator. Individuals can assess the loan amount in advance and plan out repayment accordingly.

  • Interest Rate At 0.79%

The biggest point of difference between credit card loans and Rupeek’s gold loan is the rate of interest. Rupeek’s gold loan interest rate starts at 0.79% per month. This lower interest rate helps borrowers to enjoy a lower cost of borrowing as well as easy repayment. 

  • Convenient Repayment Schemes

Unlike a credit card loan in Coimbatore, which one can only repay in equated monthly instalments or EMIs, Rupeek offers convenient repayment schemes to make the gold loan easier and hassle-free. Through the flexible repayment schemes, individuals can choose to pay on a monthly basis, or they can repay the loan any time as per their convenience within the tenure.

Apart from the above-mentioned features and benefits, we also offer an overdraft loan against gold to our existing customers.

Let’s get a quick idea about the gold overdraft facility.

Overdraft Loan Against Gold Offered By Rupeek

The gold overdraft facility, which is also known as ‘Rupeek Quick’, enables borrowers to secure a credit line. Individuals can withdraw cash from the credit limit as per their requirement. Also, individuals can save a considerable amount as they need to pay interest only on the utilised sum from that sanctioned limit.

Rupeek’s Service Locations In Coimbatore

We offer doorstep services in and around the following locations in Coimbatore –

  • Marudamalai Road
  • Gopalapuram
  • Saravanampatti
  • Singanallur
  • Peelamedu
  • Kovaipudur
  • Coimbatore tidel park
  • Malumichampatti
  • Thondamuthur
  • Periyanaickenpalayam
  • Vadavalli

Thus, if you reside in any of the aforesaid localities, quit worrying about the high interest rates or eligibility criteria of a credit card loan in Coimbatore. Provide your mobile number to apply for a gold loan now.

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Benefits of Gold Loan over Credit Card Loan.
  • <1 lakh
  • 2 lakh
  • 3 lakh
  • 5 lakh
  • 10 lakh
  • 20 lakh
Comparision Parameters Credit Card Loan Gold Loan
Interest Rate 2.39% 0.79%
Monthly Interest Amount
Eligibility & Documentation More Documents Needed Only KYC Needed
Processing Time & Disbursement 2 days to 1 week Within a day
Required Gold Weight -
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Frequently asked questions

  1. Can I get a gold loan against gold coins?

Unfortunately, you cannot get a gold loan against gold coins. Rupeek’s financial partner accepts gold jewellery of 18 carats or above.

  1. Does a credit card loan affect my card limit?

In most cases, availing a credit card loan does not change the unutilised limit on your payment card.

  1. Is my CIBIL score affected if I take a credit card loan?

Your CIBIL score can decrease if you delay EMI payments. Timely repayments, on the other hand, will improve your score.

  1. Can I get a credit card loan with a bad credit score?

Lending institutions rarely extend a credit card loan to an individual with a poor credit score. But, you can avail a gold loan if you have a low score as it is a secured loan.

  1. Do I need to submit salary slips to get a gold loan?

We do not ask for any kind of income proof to sanction a gold loan. We only require KYC documents and address proof.

  1. Can I get Rs. 50000 as a credit card loan in Coimbatore?

It depends on the unutilised limit of your credit card. If you are left with Rs. 50000 or higher, you can get a loan of that amount.

  1. Can I extend my existing gold loan tenure?

Yes, you can continue with your existing gold loan and repledge gold articles. You need to contact the customer support team of Rupeek who will guide you through the entire process.

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